Hotels provide Kingdom Holding with 47% net growth

Prince Alwaleed Bin Talal [Getty Images].

Investment company Kingdom Holding said second quarter profit rose 47% on revenue from global hotel operations and units inside Saudi Arabia.

The firm, owned by Saudi billionaire Prince Alwaleed Bin Talal, witnessed a net income increase to US $36.1 million from $24.5 million in the year earlier period.

The company said in a statement to the Saudi bourse that it was “experiencing improving results from its hotel operations and its domestic entities”.

In a seperate emailed statement on Tuesday, Prince Alwaleed said: “Financial results will continue to grow during the remainder of this year."

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He added: “Kingdom Holding has in place a very well defined vision. Its executive team, with the recent addition of Sarmad Zok, is fully committed to achieving the company’s financial objectives.”

Kingdom Holding owns a 50% stake in the Savoy Hotel in London, 35.5% of the Plaza Hotel in New York and 50% of the Fairmont in San Francisco, according to information provided by Kingdom Hotel Investments and published by Reuters.